Buffalo Business Report - Wednesday, June 18th 2014

Elon Musk’s SolarCity Corp. announced plans Tuesday to acquire Silevo for $200 million and bring more than 1,000 jobs to Buffalo. Business First reports Silevo and California “green tech” firm Soraa are expected to anchor a high-tech, green energy development at Riverbend Commerce Park. On his company blog, Musk hinted the Buffalo project could expand from the current planned capacity of 200-megawatts to 1 gigawatt.

Efforts by Buffalo Niagara Enterprise have managed to draw Egyptian company Petrolift Inc. to a site in Eden. Petrolift is the leading manufacturer of web slings and lifts for industrial applications in the oil & gas industry.

TM Montante Development and YMCA Buffalo Niagara officials have signed a letter of intent to build a new city-based YMCA family branch at the site of the former Millard Fillmore Gates Circle hospital. Canterbury Woods and other mixed-use options are also planned for the site.

Buffalo-based business development company Rand Capital Corporation reports its portfolio company, Rheonix, Inc., has received six new patents over the last nine months. The patents are related to its core microfluidic device CARD®, or Chemistry and Reagent Device.